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Natural Gas Futures: Scope for extra recovery
Considering preliminary readings from CME Group for natural gas futures markets, traders scaled back their open interest positions by around 1.2K contracts on Thursday. In the same line, volume reversed three consecutive daily builds and dropped by around 84.3K contracts.
Natural Gas keeps targeting $9.75
The upside bias in prices of natural gas faltered once again around the $8.50 mark on Thursday and ended the session with moderate losses amidst declining open interest and volume. Against that, further losses look unlikely and leaves the door open for the continuation of the rebound with the immediate target at the 2022 high at the $9.75 mark per MMBtu (July 26).
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